Archive for November, 2024

• Morning News: November 20, 2024
  Eddy Elfenbein, November 20th, 2024 at 7:08 am

  COP29 Summit Enters Final Stretch With Nations Far Apart on Finance

  The Clandestine Oil Shipping Hub Funneling Iranian Crude to China

  Asia’s Dark Fleet Hub Highlights Trump’s Oil Sanctions Headache

  Trump’s Treasury Search Gains Steam With Fresh Round of Meetings

  How Howard Lutnick Could Shake Up Global Trade

  Trump’s Cabinet Blitz Is Straight From Orban’s Playbook

  Trump and the Triumph of America’s New Elite

  Wall Street Is Too Pumped About Trump to Worry About His Policies

  American Companies Are Stocking Up to Get Ahead of Trump’s China Tariffs

  VCs Look to Secondary Share Sales as The New Exit While M&A Falters

  Senator Warren Urges Fed to Keep Wells Fargo Asset Cap

  Archegos’ Bill Hwang to Be Sentenced for Massive US Fraud

  Why Some Tax Cuts Can Be Better Than Others

  To Get the Housing Market Moving, Raise Property Taxes

  Miami Condo King Extends Bet on Wealth Boom Spreading up Florida Coast

  Resentment is Building as More Workers Feel Stuck

  Nvidia Traders Brace for Potential $300 Billion Earnings Move

  How Google Spent 15 Years Creating a Culture of Concealment

  Iger’s Hero Act Could Leave His Successor Playing the Fool

  Comcast to Spin Off Cable Networks, Including MSNBC and CNBC

  The Onion’s Bid to Acquire Infowars Has Gotten Messy

  Traffic on Bluesky, an X Competitor, Is Up 500% Since the Election. How Will It Handle the Surge?

  Target Shares Tumble After Retailer Cuts Profit Outlook

  U.S. Military Selects Little-Known Utah Supplier for Drone Program

  Hennessy Workers Strike Over Plans to Bottle Cognac in China

  The Unusual Power of VW’s Union Boss Is Being Put to the Test

  NIO’s Net Loss Widens on Lower Revenue Amid EV Pricing Pressure

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• Morning News: November 19, 2024
  Eddy Elfenbein, November 19th, 2024 at 7:07 am

  Oil Glut Set to Thwart Trump’s Call to ‘Frack, Frack, Frack’

  German Defense Chief Sees Baltic Cable Breaches as Sabotage

  Why US Will Let Ukraine Strike Inside Russia With American Missiles

  Gold Is at the Mercy of Trump, China and King Dollar

  Things Are Quiet in Consumer Credit. Too Quiet.

  Trump’s Impossible Task: Delivering for the Working Class and Billionaires

  Rethinking the Worst-Case Fears About Trump Tariffs

  Wall Street’s Top Cop Plans to Exit Before Trump Takes Power

  Five Ways R.F.K. Jr. Could Undermine Lifesaving Childhood Vaccines

  RFK Jr. Would Put the Economy at Risk, Too

  Companies With Immigrant Workforces Are Preparing for Raids

  While You Were Voting, Corporate America Made Bank

  Goldman Sachs Chairman Expects Deals to Pick Up in 2025

  Morgan Stanley Courts Employees of Near-IPO Companies for Wealth Management

  China’s Chip Advances Stall as US Curbs Hit Huawei AI Product

  When IR Met AI: How the Technology Is Shaping Earnings-Day Prep

  Nvidia’s Options Primed for $300-Billion Price Swing After Earnings

  Google’s Anthropic AI Deal Cleared by UK Antitrust Agency

  DOJ Will Push Google to Sell Chrome to Break Search Monopoly

  Amcor to Acquire Berry Global in $8.4 Billion Packaging Deal

  The Future of Abortion Rights Could Be Decided by Accident

  Lowe’s Lifts Sales Forecast on Improving Housing Spend

  Robots Struggle to Match Warehouse Workers on ‘Really Hard’ Jobs

  Walmart Raises Outlook on Strong Spending From Value-Seekers

  Shoppers Are Ditching Classic Brands They Once Loved

  Blackstone Strikes Deal for Jersey Mike’s Subs

  Swiss Watch Exports Fall Again Amid Plummeting Demand in China

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• Morning News: November 18, 2024
  Eddy Elfenbein, November 18th, 2024 at 7:04 am

  Why Oil Companies Are Walking Back From Green Energy

  Why Big Oil Doesn’t Mind Big Regulation

  A Global Fund for Climate Disasters Is Taking Shape in Trump’s Shadow

  Turkmenistan’s Gas Company Will Enlist Experts to Combat Methane Leaks

  For Decades, Installing E.V. Chargers Didn’t Pay Off for Retailers. Now It Does.

  Indian Students Rush to US Colleges, Driving Attendance Record

  Moody’s Cuts Bangladesh Further Into Junk on Political Risks

  Greek Banks Looking at Deals Abroad After Painful Restructurings

  Eurozone Trade Surplus Rises on Jump in Exports to U.S.

  Powell May Be Waiting Until 2026 for Housing Inflation to Cool

  Trump Treasury Cabinet Pick in Flux as Jockeying Slows Selection

  Trump Picks Brendan Carr to Lead F.C.C.

  Four Priorities for Trump’s Top Telecom Regulator

  Crypto Prediction Markets Have a Cloudy Future

  HSBC Managers Are Competing to Keep Their Jobs in CEO’s Revamp

  Bain Capital Raises $5.7 Billion for Global Special Situations

  Wall Street Bankers Spot a Fat Payday in $1 Trillion AI Hysteria

  Manufacturing Was Set to Rebound. Then Trump Happened.

  Tim Berners-Lee Wants the Internet Back

  Xiaomi Profit Beats on Robust Sales Across Segments

  Why Tech Billionaires Love the Author of Jurassic Park

  Ben & Jerry’s Vs. Unilever Is the End of Corporate Do-Gooderism

  Spirit Air Files Bankruptcy Following Failed JetBlue Tie-Up

  Auto Industry Braces for Whiplash as Trump Takes Power

  Novo Nordisk Launches Wegovy in China With Prices Well Below US

  Substack’s Great, Big, Messy Political Experiment

  Paramount Takes Promotional Stunt to New Level for ‘Gladiator II’

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• Morning News: November 15, 2024
  Eddy Elfenbein, November 15th, 2024 at 7:03 am

  Russia Envoy Backs Paris Climate Deal, Hopes Trump Will Too

  Oil Set for Weekly Loss Amid Demand Worries, Rate-Cut Slowdown Prospects

  World Fears a Wider Trade War. Malaysia Sees an Opportunity.

  China Stimulus Boosts Domestic Consumption as Trump Tariffs Loom

  Eurozone Economy to Grow Less Strongly as Trade Spat Brews, EU Says

  Trump US Election Win Comes With a Catch for Israel’s Far-Right

  America’s Homes Are Piggy Banks That Few People Can Afford to Raid

  CEOs Brace for the Chaos of Another Four Years of Trump

  Boston Fed President Says December Rate Cut Isn’t a ‘Done Deal’

  ‘Flood of Money’ Chases US Banking’s Hottest New Trade

  Traders Chase Post-Election Stock Gains in US Options Market

  Investors Circle the Trump Trade’s Global Market Victims

  Betting on Tesla Helped Ron Baron Beat the Index. Now He’s Getting a Trump Bump

  Pay Close Attention to Your Credit Card Balance Under Trump 2.0

  Musk’s New Job For Trump Already Exists

  How Musk’s DOGE Can Actually Do Some Good

  Trump’s Anti-Regulation Pitch Is Exactly What the AI Industry Wants to Hear

  Musk Escalates Altman Legal Feud, Casting OpenAI as Monopolist

  Super Micro’s Looming Nasdaq Deadline Stokes Delisting Fears

  Biden Cements TSMC Grant Before Trump Takes Over

  Hokkaido Electric Sees Power Demand Surge With Data Center Boom

  Disney Targets $1 Billion in Streaming Profit in New Fiscal Year

  DoorDash Wants to Give You a Ride and a TV Show With Dinner

  Startups Turn to Ponds to Find the Next Climate-Fighting Superfood

  The Onion Wins Bid to Buy Infowars, Alex Jones’s Site, Out of Bankruptcy

  Returns Are a Headache. More Retailers Are Saying, Just ‘Keep It.’

  Human in Bear Suit Was Used to Defraud Insurance Companies, Officials Say

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• Morning News: November 14, 2024
  Eddy Elfenbein, November 14th, 2024 at 7:03 am

  Euro Likely to Fall Further on ECB-Fed Divergence

  Why the Dollar Keeps Getting Stronger

  Dollar’s Enduring Appeal on Show in China’s Sovereign Bond Sale

  Lula’s Embrace of Xi Sets Up a Clash Over Trump’s China Policy

  Global Oil Market Faces a Million-Barrel Glut Next Year, the IEA Says

  EIB to Unveil €500 Million in Bank Guarantees for Clean Tech

  Trump Threatens ESG Investing That Thrived in His First Term

  Kugler Says Fed Must Focus on Both Inflation and Jobs Goals

  Inflation Needs Subtlety Right Now. It’s Getting Trump

  Wall Street Bankers Temper Optimism A Week After Trump Victory

  Crypto Industry Pushes for Policy Sea Change After Trump Victory

  What Can Musk’s Department of Government Efficiency Actually Do?

  Private Equity Finds Yet Another Way to Keep the Money Coming In

  Brookfield Corp. Profit Climbs as Wealth Unit Boosts Results

  CEOs Think Silence Will Save Them From Trump. They’re Wrong.

  What Would a Matt Gaetz Justice Department Mean for Business?

  Meta’s Week of Setbacks Suggests Tough Times Ahead

  Homeland Security Department to Release New A.I. Guidance

  Siemens Profit Tops Forecasts as Data-Center Demand Offsets Automation Woes

  Disney Profit Beats Expectations as Movies, Streaming Gain

  Disney Paints a Rosy Picture for Coming Years

  The Fight for 7-Eleven Isn’t Just About Money

  Capri, Tapestry Scrap Merger After FTC Wins Blocking Order

  Arnault Son Climbs LVMH’s Top Ranks in Further Leadership Reshuffle

  JD.com Profit, Revenue Rise as Consumer Sentiment Improves

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• Morning News: November 13, 2024
  Eddy Elfenbein, November 13th, 2024 at 7:05 am

  Countries Are Pledging Money They Don’t Control at COP29

  Microsoft and Royal Bank of Canada Bet on New Approach to Carbon Cleanup

  North Dakota Wants Your Carbon, But Not Your Climate Science

  Copper Smelters Battered by Tight Supply and Weakening Demand

  RWE Plans $1.6 Billion Buyback Due to Expected U.S., Europe Project Delays

  Pro-Government Economists Blame Central Bank for Plunging Russia Into ‘Stagflation’

  Gamblers Pay 400% Loan Rates to Fund Betting Frenzy in Brazil

  Trump’s Contempt Is China’s Gain in Latin America

  Trump Picks Musk, Ramaswamy for Government Efficiency Effort

  Mr. Musk Goes to Washington — With a $2 Trillion Agenda

  Powell Says US Inflation Views Are Anchored — Are They?

  Fed’s Waller Says Central Bank Should Limit Its Role in Payment Systems

  Republicans See a Better Economic Outlook. Now It’s Democrats Who Don’t.

  Crypto Industry Lobbies Trump and His Allies to Capitalize on Election Wins

  US CPI to Show Another Firm Reading, Leaving Fed Path Up in Air

  Citadel Warns Recruiters: Don’t Pitch Fake Jobs

  Klarna Readies US IPO With Valuation Recovering From Plunge

  Europe’s Tech Startups Staggered by Lilium, Northvolt ‘Disaster’

  Mizuho Financial Group to Buy 15% of Rakuten Card for $1 Billion

  Swiggy Delivers 17% Surge in Debut as Investors Bet on Indian Quick Commerce

  Tesla’s Meme-Like Stock Surge Leaves Wall Street Feeling Wary

  7-Eleven Owner Considers Going Private in Japan’s Biggest $58 Billion Buyout

  Spirit Air Nears Bankruptcy That Would Wipe Out Shareholders

  Inside VW and Rivian’s $5.8 Billion Bet to Rescue Each Other

  Sports League Platform Volo to Grow Via M&A With Bluestone Stake

  The Streaming Wars Didn’t Kill the Little Guys. In Fact, They’re Thriving.

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• CWS Market Review – November 12, 2024
  Eddy Elfenbein, November 12th, 2024 at 6:20 pm

  (This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

  On Monday, the stock market rallied to another new high. This was the S&P 500’s first ever close above 6,000 and it was the index’s 51st record high this year. The S&P 500 closed a bit lower today which snapped a five-day winning streak. Over those five days, the index gained a little over 5%.

  

  For some context, the S&P 500 first closed above 600 on November 17, 1995. The index first closed above 60 on July 7, 1959.

  We can even go back to a few days in 1932 when the S&P 500 closed below 6, but there’s a footnote attached to that stat. That would be the last time the index closed below 6, but we can’t say when the first time was because that day preceded the lifespan of the S&P 500. Still, a 1,000-fold gain in 92 years is impressive.

  The Trump Trade Takes Over Wall Street

  We now know what the “Trump Trade” is, but it may not last long. The Trump Trade is the market rewarding cyclicals, especially domestic manufacturers. That tends to skew towards small-cap stocks and the little guys have been very popular in recent days. The Russell 2000 ETF (IWM) is already up more than 10% this month.

  The bond market reacted swiftly. The yield on the 10-year Treasury jumped 16 basis points to close at 4.42%, although the yield has backed down after the past few days.

  I’ve been impressed by how some cyclical stocks have responded. That often happens at the same time long-term bond yields rise. For example, the S&P 500 Industrials ETF (XLI) has performed well. Financial stocks have also done well. The S&P 500 Financials ETF (XLF) rallied more than 6% on Wednesday and continued to go higher after that.

  A good example of rallying financials comes from our Buy List. On Tuesday, shares of Farmer Mac (AGM) rallied more than 6% thanks to a good earnings report. Then on Wednesday, the day after the election, Farmer Mac ran up another 10%. The shares reached their highest point since this summer. The stock had been cheap for a long time, but the market seemed to only realize it all at once.

  How about the rally in Bitcoin? President-Elect Trump promised to be a crypto-friendly president. He even talked about having a bitcoin strategic reserve. On election day, Bitcoin rose 9%, and it gained another 10% over the weekend.

  Bitcoin is getting very close to $90,000. Two years ago, it was at $17,000. So far this month, Bitcoin has gained 28%, and November isn’t even half over.

  By the way, in September, former NBA great Scottie Pippen made a deadly accurate prediction about the price of Bitcoin.

  Satoshi Nakamoto visited me in my dream last night and predicted that #Bitcoin would be at $84,650 on November 5, 2024. Not financial advice.

  — Scottie Pippen (@ScottiePippen) September 3, 2024

  If you feel that you need to invest in Bitcoin, I’ll simply add that Bitcoin has had several major pullbacks in its short history.

  Wall Street Braces for Tomorrow’s CPI Report

  Now that Wall Street is past the election, the next big test for the market comes tomorrow morning when the October CPI report is released.

  I’ll be honest, this report has some folks scared. The inflation data has mostly been getting better, but a bad report could unravel a lot of market narratives.

  For September, the Consumer Price Index increased by 0.18%. That almost matched the 0.15% increase we had in July, and the 0.19% increase we had in August. The last five reports have all come in less than 0.2%.

  For September, the 12-month rate reached 2.4% which was more than expected. Still, that’s a lot better than March when the 12-month rate hit 3.5%, and it’s far better than the peak of 9.1% reached in June 2022. Inflation has been improving, but it’s happened slowly.

  

  The “core rate,” which excludes food and energy prices, hasn’t fared as well. For September, core inflation increased by 0.3%. That was the highest since March. In September, the 12-month core rate reached 3.3%.

  The Fed meets again in five weeks, and there appears to be some doubt whether the Fed will cut rates again. Futures traders currently think there’s a 55% chance that the Fed will cut and a 45% chance that they’ll hold steady.

  I suspect that a cut is probably coming next month but the number of cuts for next year may be in doubt. In September, Wall Street thought the Fed would have interest rates at 3% by this June. Now they think the Fed will be at 4% by June. I wouldn’t be surprised if we only see two more rate cuts next year.

  Fed Chairman Jerome Powell was recently asked if he would resign if President-Elect Trump wanted him to. He gave a one word reply: “No.”

  I noticed that Home Depot (HD) raised its sales guidance today. Last quarter, ending in late October, same-store sales fell 1.3%. Those beat expectations, and it was HD’s best sales performance in nearly two years. That says a lot when your best quarterly growth of the last seven quarters was still a drop.

  I like to keep an eye on Home Depot’s fortunes because it’s a good barometer for the health of the home improvement sector. HD said it now expects to see comparable store sales fall by 2.5% for this year. That’s not great, but it’s better than the previous guidance for a drop of 3% to 4%.

  Home Depot saw a pickup in demand for seasonal items and supplies for certain outdoor projects, some of which was related to hurricanes that have struck the US in recent months. Warm weather also helped with sales of products like grills, Chief Financial Officer Richard McPhail said in an interview Tuesday.

  Home Depot said it anticipates some hurricane-related sales during the current quarter. Generators, lumber and clean-up products typically sell well during weather events.

  Home Depot’s business can be particularly sensitive to the Fed’s policies since consumers often use debt to finance their home improvement projections. HD said that sales of garden and paint products increased but lumber and plumbing came in below expectations.

  

  Home Depot is one of the first major big box retailers to report earnings. Soon we’ll get reports from companies like Target, Walmart and Lowe’s. These companies could be looking at a strong holiday shopping season.

  Shares of Tyson Foods (TSN) got a nice bump today after the food company said it beat earnings. At one point, TSN was up more than 12% in today’s trading. It was the best-performing stock in the S&P 500 today.

  This is interesting to see because Tyson is a good company, but the stock price had not done well. Tyson now sees its operating profit rising by 22% this year. That’s more than Wall Street had expected.

  Demand for chicken, Tyson’s second-largest source of revenue, has improved as consumers look for cheaper alternatives to beef. Plunging prices for corn and soybeans also made it cheaper to feed animals, while a series of factory shutdowns and other measures boosted cost savings.

  Last quarter, Tyson’s chicken business made up 70% of its sales while beef was a money loser. For its fiscal Q4, Tyson made 92 cents per share. The consensus on Wall Street had been for earnings of 69 cents per share.

  Over the last five years, the S&P 500 has nearly doubled but TSN is down by two-thirds. Even after today’s rally, shares of TSN still yield a healthy 3.3%. Tyson’s been down so long, it’s hard for me to see this as a bargain, but with more quarters like this last one, Tyson would be a compelling buy.

  That’s all for now. I’ll have more for you in the next issue of CWS Market Review.

  – Eddy

• Morning News: November 12, 2024
  Eddy Elfenbein, November 12th, 2024 at 7:05 am

  Alibaba, JD Tout Singles’ Day Highs While China Economy Sags

  Hong Kong’s Tycoons Are Selling Trophy Homes at Fire Sale Prices

  South Korea State Think Tank Cuts Growth Forecasts

  Gloomy Russia Billionaires See Little to Cheer in Trump’s Win

  EU’s Kallas Backs Tapping Russian Assets Directly to Aid Kyiv

  Europe Braces for Trump: ‘Worst Economic Nightmare Has Come True’

  Europe Must Not Be ‘Unprepared’ For Trade War, ECB’s Rehn Says

  A Guide to Trump’s Tariff Plans: Expect High Drama and a Bumpy Rollout

  Trump’s Tariffs Could Deal a Blow to Mexico’s Car Factories

  Powell Doesn’t Fear Trump. He Also Can’t Contain Him.

  The Wall Street CEO Raising His Hand to Run Trump’s Economy

  Bonuses Set to Grow Across Wall Street for First Time Since 2021

  Bitcoin Nears $90,000 as Crypto Market Exceeds Pandemic-Era Peak

  The 1928 Rally Was Just Like This One

  SoftBank Back in Profit on Tech Investment Gains

  Visa Teams Up with Affirm to Launch Card for Flexible Payments in US

  Musk’s AI Nightmares Could Blunt Trump’s Tech Ambitions

  OPEC Trims Demand Forecast for Fourth Straight Month

  The World’s Best Hope to Beat Climate Change Is Vanishing

  Shell Wins Appeal Against Landmark Carbon-Emissions Ruling

  Exxon CEO Pushes Back on Trump’s Anti-Climate Change Agenda

  Home Depot Raises Outlook as Hurricanes Spur Demand for Repairs

  Tyson Forecasts Higher Earnings in 2025 on Chicken Turnaround

  Shopify Surges After Third Quarter Revenue Beats Estimates

  A Decade Into the Digitialization of Mobility, Winners and Losers Emerge

  Airlines Hate ‘Skiplagging.’ Meet the Man Who Helps Travelers Pull It Off.

  AstraZeneca Raises Outlook, Plans U.S. Investment

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• Morning News: November 11, 2024
  Eddy Elfenbein, November 11th, 2024 at 7:05 am

  ADB Increases Climate Finance After US, Japan Give World’s First Sovereign Guarantees

  Trump Win Upends the Fight for Climate Cash at COP29

  Trump Will Bury ESG, But It Was Already Dead

  China Nears Record $1 Trillion Trade Surplus as Trump Returns

  As Trump Threatens a Wider Trade War, the U.S. Confronts a Changed China

  How Trump Divides Chinese Who Aspire to Democracy

  Here’s What Trump’s Return Means for US Sanctions Policy

  The White House Will Be Shedding Its Union Label

  Mortgage Rates Fell, Then Rose. What Comes Next?

  Trump Expected to Narrow Treasury Chief Options by Week’s End

  If Trump Tries to Fire Powell, Fed Chair Is Ready for a Legal Fight

  Bond Market on Risky Path as Traders Regroup From Wild Week

  Bitcoin Soars Above $82,000 as Trump Win Boosts Crypto Prospects

  Wall Street Math Wizards Are Decoding Private-Market Returns

  Hedge-Funds Hit by ‘Arbageddon’ Sense Brighter Future After Trump Win

  Hedge Funds Shorting Tesla Just Lost More Than $5 Billion

  Carvana Delivers Agony and Ecstasy for Hedge Funds

  Cathie Wood Predicts Trump’s White House Return Will Ignite Reagan-Era Economic Boom Through Deregulation And Tax Cuts: ‘Likely To Turbocharge The US Economy’

  FTX Sues Binance, Ex-CEO Zhao Seeking $1.8 Billion Clawback

  Harris Tech VC Boosters Seek the Industry Silver Lining in Her Loss

  Adnoc Gas Expects Earnings Boost From Rising Gas Demand

  Resolute Mining CEO, Two Other Employees Detained by Officials in Mali

  Continental Posts Higher Profit as Cost Cuts Offset Sales Pressure

  Talabat Eyes IPO That May Value It More Than Delivery Hero

  A New Streaming Customer Emerges: the Subscription Pauser

  Buying Shoes at Macy’s Isn’t Fun. Its New CEO Is Trying to Change That.

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• Morning News: November 8, 2024
  Eddy Elfenbein, November 8th, 2024 at 7:04 am

  Brazil Inflation Speeds Further Above Target as Rates Go Higher

  Japan Finance Minister Issues Fresh Warning After Yen’s Tumble

  EU Is Looking at Ramping Up Ukraine Aid If Trump Pulls the Plug

  PBOC Signals Greater Resolve on Dovish Policy, Ample Liquidity

  China Unveils $1.4 Trillion Debt Swap, Saves Stimulus for Trump

  Investors Dial Back ‘Trump Trades’ as Policy Questions Remain

  Trump Is Stuck With the Fed’s Powell. Will He Make Peace?

  Forget a Soft Landing. The Fed’s Biggest Challenge May Be Trump.

  Powell Signals Readiness to Defy Trump in Defense of Fed

  What a Second Trump Term Could Mean for Your Money

  Even at a Time Like This, Slow and Steady Works in the Stock Market

  US Banks to Gain from Looser Capital, Merger Policies Under Trump

  The Wall Street Leaders Who Could Play a Role in Trump’s New Administration

  Trump Plans to Dismantle Biden’s Climate Law. It Won’t Be Easy

  Trump’s ‘Drill, Baby, Drill’ Cuts Two Ways for Oil Companies

  Why Trump Faces a Losing Tech War Against China

  Big Tech’s Appetite to Resist Trump Appears Weaker This Time Around

  Companies Brace for the Return of Trump’s Old Trade Gripes

  Boeing CEO Says Furloughed Workers Will Be Paid for Lost Time

  Tesla Begins Offering Cybertruck Leases Starting at $999 a Month

  Amazon Is Looking to Revamp Its Grocery Delivery

  Steven Madden C.E.O. Says It Is Moving Production Out of China

  Trump’s Win Cemented It: New Media Is Leaving the Old Guard Behind

  Audacious Bet on High-End Liquor Mints Indian Billionaire

  Cartier Owner Richemont’s Sales Fall as Luxury’s China Woes Linger

  Has Luxury Lost Its Shine?

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